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Centene Corporation and Subsidiaries a proven year... a solution for healthcare >>> 2002 annual report This year’s annual report is dedicated to Howard E. Cox, Jr., a member of our board of directors from 1993 to 2003, whose support, confidence and perseverance helped the company to reach where it is today. Centene will be a recognized market leader in government-supported, physician-driven healthcare, creating enhancedmission value through positive outcomes for our members and clients. Annual Report History FINANCIAL HIGHLIGHTS Year ended December 31, (in thousands, except membership and per share data) 1998 1999 2000 2001 2002 Membership 135,600 142,300 194,200 235,100 409,600 Revenue $150,438 $201,429 $221,350 $326,569 $461,487 Earnings from operations $ (6,827) $ (6,612) $ 6,520 $ 18,472 $ 31,606 EPS $ (6.78) $ (10.99) $ 1.13 $ 1.61 $ 2.20 >>> 1 DEAR SHAREHOLDERS, AT CENTENE, OUR CORE BELIEF HAS ALWAYS BEEN THAT EVERY AMERICAN IS ENTITLED TO RECEIVE QUALITY HEALTHCARE WITH DIGNITY. AS SUCH, OUR HEALTH PLANS AND CARE COORDINATIONdelivering PROGRAMS SPECIFICALLY TARGET THE MEDICAID POPULATION, WHICH HISTORICALLY HAS BEEN UNDERSERVED. WE BELIEVE THAT OUR FOCUSED APPROACH WILL ENABLE US TO ACHIEVE STEADY GROWTH WHILE GENERATING STABLE MARGINS. In today’s difficult economic climate, we remain the solution for the states, working successfully to save them money and “enabling better health outcomes for their Medicaid recipients.” The year 2002 was further proof that the man- healthcare an entitlement that every American aged Medicaid model works. During our first has a right to receive with dignity. We believe full year operating as a public company, we that healthcare is most successfully delivered achieved our internal goals of strong financial where it may best be measured—in the local performance. This was accomplished by solid marketplace. Therefore, we distinguish our- organic growth and execution of our stated selves through our local approach, which acquisition strategy, highlighted by our entry encompasses local branding, locally managed into New Jersey. We did this while accomplish- call centers and strong relationships with ing our mission of saving states money while physicians, holding them accountable for the improving health outcomes with quality care quality of care delivered. for our recipients. At Centene, we consider We are focused on managed Medicaid and of recipients into managed Medicaid programs Medicaid-related products. The three key delivers higher quality of care and is more cost populations served include Temporary effective than using fee-for-service care. We Assistance for Needy Families (TANF) and choose to operate only in mandated Medicaid State Children’s Health Insurance Programs states, which we believe are more fiscally (SCHIP), which are characterized by a pre- responsible and offer the most substantial dominance of women and children, and opportunities for working constructively with Supplemental Security Income (SSI), designed the industry. Importantly, whether operating to help the aged, blind and disabled. in prosperous or difficult economic times, Centene continues to be the solution for states The Medicaid managed care industry remains seeking to manage their fiscal budgets. very attractive to us. It is estimated by the Centers for Medicare and Medicaid Services Two noteworthy studies conducted by Milliman (CMS) that this industry will grow substan- USA and the Urban Institute Health Policy tially, from $225 billion today to over $444 Center concretely point to the ongoing savings billion by 2010. We are poised to take advantage states are able to realize by enrolling recipients of this opportunity by adding new member in managed Medicaid programs. The Milliman lives into our programs while reducing exces- USA study, conducted in Wisconsin in 2001, sive spending and being interdictive in the demonstrated that the managed Medicaid management of care. industry estimated saving the state $56 million in 2002, an increase of 45% over 2001. We recognize that states have budget issues, According to state data, savings in 2002 in and regard this as an opportunity to construc- Texas and New Jersey are both estimated at tively restructure the allocation of benefits to $30 million, and savings are estimated at $9 maximize the number of people whose care million in Indiana, each of which represents these basic benefits cover. We support the fed- an improvement over 2001 levels. Beginning eral alternative to give states more flexibility in 2003, we will provide report cards to our in managing their social services budgets. states, measuring our performance and the fiscal Centene is a company that has successfully benefits of working with Centene. We will con- worked through turbulent times in the past tinue to work proactively and responsibly with with the states, only to emerge stronger. We the states in which we operate to ensure ongoing fundamentally believe the states in which we cost savings and convey the benefits of enrolling operate realize that the continued enrollment recipients in managed Medicaid programs. >>> 3 We are proud of the progress we made during remains predictable and profitable. Through the last year in bringing new recipients into our the combination of emergency room policy programs. We closed 2002 with 409,600 lives, changes, aimed at reducing inappropriate uti- an annual increase of 74% that we achieved lization and frequent visits to the ER, and rate through a combination of record unit member- increases of a blended 5.1% across all of ship growth and important acquisitions and our states in 2002, we believe that we have alliances. These transactions not only expanded developed the standard for a business model our positions in existing markets, but gave us a that works. presence in new markets. In September we acquired 24,000 SCHIP lives in Texas, increasing Other important milestones marked 2002. We our market positions in San Antonio and El Paso concluded a successful secondary offering of while entering two new service areas, Amarillo 5.75 million shares, enabling our venture capi- and Lubbock. We entered our fourth state, tal investors to sell shares in an orderly fashion New Jersey, through a joint venture with the and increasing the trading liquidity of our University of Medicine and Dentistry of New stock. Additional noteworthy events included Jersey (UMDNJ), adding approximately 52,000 the expansion of our claims processing facility Medicaid members in 15 counties throughout and significant new management appointments, the state. With 685,000 Medicaid participating both aimed to accommodate organic and lives in this market, we anticipate future acquisition-driven membership growth; and organic growth in New Jersey. the purchase of Bankers Reserve Life Insurance of Wisconsin to sell reinsurance solely to our At Centene, we measure our success using a health plan subsidiaries. We will use this entity number of metrics. For example, we work dili- to consolidate the risk of our health plans, gently to maintain our physicians’ satisfaction thereby allowing us to provide improved levels by being sensitive to the timely payment and of insurance without changing the overall risk processing of claims. The number of days in profile of our consolidated operations. This claims payable on hand continued to decline enables us to reduce our reinsurance costs and in 2002 to 71.8 days from 73.4 days a year ago, receive recognition for such in the state in proof of our efficient management of the claims which we operate. payment process. Another way that we ensure access to and quality of care is by carefully We were very proud of our 2002 results, high- monitoring complaint ratios regarding our lighted by a 41.3% increase in revenue to $461.5 services to providers and patients. Further- million and fully diluted earnings per share more, our margin protection programs are of $2.20, an increase of 36.6%. These metrics, critical to ensuring that our business model in combination with a solid increase in membership marked our 14th consecutive Medicaid-related products. The behavioral quarter of growth. Operating cash flow health arena is a good example. Today, 6% of remained strong at $39.7 million, an increase all ambulatory care is behavioral health related of 31.4%. We are pleased to report that our and, therefore, the potential to affect this cost health benefits ratio (HBR) continued to center and manage the care of this patient improve and remains within our targeted group is significant. We look forward to banded range of 82.0% to 83.5% of revenues. updating you on our progress in this area in Our SG&A showed sustained decreases; mov- due course. ing toward our goal to have our SG&A ratio in single digits by the fourth quarter of 2003. The At Centene, our approach is to achieve pre- balance sheet remains healthy with $164.7 dictable and consistent results. In 2002, we million in cash and investments and no debt. accomplished those goals and, we believe that Finally, we continued to build the required we have the winning formula for continued infrastructure to enhance our information success in the managed Medicaid industry. Our systems platform, which has the capacity to solid financial performance along with a care- handle in excess of 1 million lives. fully planned growth strategy provide a solid foundation for continued strong performance. As we enter 2003, we will continue to work with our states to deliver cost-effective, quality Our achievements would not be possible with- healthcare and will remain focused on the out the dedication and hard work of all the opportunities that exist in mandatory states. employees at Centene. I would personally like There are 37 mandatory states, 25 of which are to thank them for their ongoing commitments of interest to us. We have a full pipeline of and contributions. acquisition targets and will continue to be dis- >>> ciplined, prudent purchasers, focusing on Sincerely, accretive opportunities.
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